BUSINESS

African presidents have reached a strong consensus to focus on regional integration, inclusive growth and youth empowerment in order to achieve continued and sustained growth on the continent at the Africa 2017 Forum in Sharm El Sheikh, Egypt. President Abdel Fattah Al Sisi of Egypt hosted African heads of state and business leaders including President Alpha Condé of the Republic …

A 709 carat uncut diamond discovered in March 2017 in Sierra Leone fetched a lower-than-expected $6.5m at a New York auction on Monday (4 December). The stone was found by diggers working for Pastor Emmanuel Momoh in Koryardu, located in the country’s eastern Kono district. It is one of the largest ever discovered in Sierra Leone and the 14th largest …

Awagomè, 4 December 2017 – The Government of Togo’s “CIZO” initiative has made a significant stride forward as BBOXX, a new generation utility which provides reliable energy access to communities with its solar home systems, officially launched its operations in Togo today. President Faure Gnassingbé, President of the Republic of Togo, visited one of BBOXX’s first customers in the rural …

EU-support for Swaziland’s monarchy-controlled sugar industry undermines the fight for democracy, even though it nominally benefits smallholders, says new report from Danish solidarity organization, reports Peter Kenworthy. A new report from Afrika Kontakt commends the EU for supporting Swaziland’s sugar industry, which benefits thousands of smallholder growers of sugar cane. The problem is, however, that the smallholder growers are also …

Investment potential in the African nations of Ghana and Ethiopia will be key focal points during the Germany African Business Forum, to be held on 28 November in Munich. Hon. Ibrahim Mohammed Awal, Minister for Business Development for Ghana, and H.E. Dr. Mebrahtu Meles, State Minister for Industry of Ethiopia, will be delivering key presentations to attending investors at the …

Nigerian militant group Niger Delta Avengers (NDA) said on Friday its ceasefire on attacks in the country’s southern oil-rich region was at an end. “We can assure you that every oil installation in our region will feel the warmth of the wrath of the Niger Delta Avengers,” the group said in a statement on its website. The NDA took the …

German Minister for Economic Affairs and Energy Brigitte Zypries opened the Start-up Night! Africa on 26 October in Berlin. The Start-up Night! Africa is the latest event to take place as part of the successful series of Start-up Nights!, a string of business-matching events hosted by the Federal Ministry for Economic Affairs designed to bring young businesses and established companies …

Unemployment and poverty are serious concerns for the continent, where more than 70% of the working age population is unemployed or has no job security, prompting the UN to declare 2016-2025 as the Third Industrial Development Decade for Africa (IDDA III). African leaders deliberated in New York on how to industrialise the continent in a socially inclusive, environmentally sustainable manner to …

Nigerians from across Europe will converge on the Portuguese capital, Lisbon, on 9-11 November for the annual general meeting or AGM of the Nigerians in Diaspora Organisation Europe (NIDOE). The congress will deliberate on the state of the organisation and on issues important to the Nigerian Diaspora generally. Moreover, NIDOE members will discuss developments at home as they affect the …

Ghana’s President Nana Addo Dankwa Akufo-Addo has promised to initiate a programme that will ensure every student receives free chocolate or cocoa products every day. He said the decision is tied with the government’s plans of boosting the local consumption of cocoa products from the world’s second largest producer of the cash crop. “Our target is to provide every Ghanaian …

The Ministry for Economic Affairs and Energy is hosting the Start-up Night! Africa on 26 October in Berlin. This will be a networking and matchmaking event, bringing together digital African start-ups and German start-ups and established companies. Are you interested in broadening your network? If so, do make the most of this opportunity and be a part of the Start-up …

A cashless economy is one in which the purchase of goods and services and the payment of debts and remittances are done through electronic money media, either through credit and debit cards, direct transfers from one account to another, smart cards, mobile payment systems, and other technologies. With aspirations of becoming an African economic powerhouse, Ghana is partnering with organisations …

Kenya’s main stock index rose 2.51 per cent on Monday to a 14-month high, building on gains last week as investors welcomed the re-election of President Uhuru Kenyatta. The NSE-20 index has risen nearly 7 per cent since the election last week’s Tuesday. Kenyatta was declared winner by a clear margin on Friday but his main challenger, Raila Odinga, has …

Ghana’s central bank has revoked the operating licenses of two distressed local banks and transferred their deposits and selected assets to state-owned GCB Bank in order to protect financial stability, it said on Monday. The liquidation of UT Bank and Capital Bank became necessary in order to protect depositors funds owing to the “severe impairment” of their capital, the central …

Fifteen young African entrepreneurs have emerged as finalists from a field of more than 800 applicants for the seventh annual Anzisha Prize, Africa’s premier award for her youngest entrepreneurs. Supported by African Leadership Academy (ALA) in partnership with the Mastercard Foundation, the Anzisha Prize celebrates and cultivates the next generation of young African entrepreneurial leaders who are creating job opportunities, …

Acting President Yemi Osinbajo on Thursday inaugurated a fertilizer plant built by Indorama Eleme Fertilizer and Chemicals Limited in the southern city of Port Harcourt. The plant, with a production capacity of 1.5 million metric tons of Urea fertilizer, is considered the world’s largest single-train Urea plant. The plant, which has a production capacity of 4,000 metric tons of nitrogenous …

Sub-Saharan Africa currently has 420 million unique mobile subscribers with a 43% penetration rate. By 2020, this number is expected to hit over half a billion, making Africa the world’s fastest growing mobile market. This information was released as part of the 2017 Mobile Economy report by the GSM Association (GSMA) trade organisation. According to the data, there were 731 …

The Chinese-built 756 km electrified rail project connecting landlocked Ethiopia to Djibouti will start commercial operations in October, said the Ethiopian transportation minister has announced. Speaking to Chinese news agency Xinhua, Ahmed Shide, Minister of Ethiopia’s Ministry of Transportation, said the Addis Ababa–Djibouti Railway is a showcase of China’s support for Ethiopia’s efforts to transform its economy through infrastructural development. …

Afruibana, a group of fruit producers and exporters from Cameroon, Côte d’Ivoire and Ghana that aims to strengthen trade between Africa and EU, has been launched. The body was officially launched in Brussels during Cameroon’s Trade Minister Luc Magloire Mbarga Atangana’s visit to European institutions on 19 July. The association will allow fruit producers on the continent to combine their …

One of the priorities of the German G20 Presidency in 2017 is Africa and the challenges the continent is facing as well as its potential. This potential is also the key focus of the AFRIKA KOMMT! initiative, which 19 leading German companies launched in 2008.  The programme trains future managers and fosters German-African economic relations. Word about the initiative has …